INFRASTRUCTURE CONCESSION CONTRACTS: AN INTRODUCTION #2/July 08 What is infrastructure concession contract? What are the advantages and disadvantages of concession contracts? This paper addresses these two questions. Also‚ it outlines the basics of infrastructure concession contracts. I. Introduction Ownership of public assets is a sensitive issue for all governments. However‚ budgetary shortfalls as well as the repeated failure of governments all over the world to maintain these assets have
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CONTRACT OF LAW Contract can be defined as ‘an agreement enforceable by law’. In other words‚ a contract is an agreement made between two(2) parties or more which is legally binding between the parties. There are six (6) basic elements in the contract : 1. Offer refers to a proposal that is capable of being converted into an agreement by its acceptance. Section 2(a) of Contract Act 1950 provides that when a person signifies another his willingness to do or to abstain from doing anything‚ with
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Defective Contracts Contract Classification Basis of Defect Status of the Contract Legal Effects Prescriptive Period Ratifiability A.Rescissible There is damage or injury either to one of the contracting parties or to a third person. Valid Considered valid and enforceable until they are rescinded by a competent court. The action for prescription may prescribe. NO 1. Contracts entered into in behalf of wards 2. Contracts agreed upon in representation of absentees 3. Contracts undertaken
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Common Contracts paper Alyssa Baker-Brake LAW/421 Lina Malanzo 07/01/13 Contracts are a written promise to do something‚ or not to do something. The purpose of the contract is to ensure that both parties will perform the duties that they have promised to do‚ or to prevent something that was promised to prevent. Contracts are here to ensure that people follow through with their word when they promise to do something. With a contract‚ you can make a promise a legal obligation. I have personally
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INTRODUCTION AND RATIONALE OF QUASI CONTRACTS:- Under the general heading of the Quasi contract there has been grouped a number of cases which have little or no affinity with contract. A simple illustration is afforded by the action to recover money paid by mistake. If the plaintiff on an erroneous interpretation of the facts‚ pays to the defendant a sum of money which he does not really owe‚ law‚ no less than justice‚ will require he defendant to restore it. But his obligation is manifestly not
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It is trite law that an insurer under a contract of indemnity insurance‚ who has satisfied the claim of the insured‚ is entitled to be placed in the insured’s position in respect of all rights and remedies against other parties which were vested in the insured in relation to the subject-matter of the insurance1. Where the insured has proceeded against the third party after the insurer had paid out the claim and without the insurer’s authority as happened in Visser v Incorporated General Insurances
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enter into a short futures contract to sell July silver for $17.20 per ounce. The size of the contract is 5‚000 ounces. The initial margin is $4‚000‚ and the maintenance margin is $3‚000. What change in the futures price will lead to a margin call? What happens if you do not meet the margin call? Problem 5.2. What is the difference between the forward price and the value of a forward contract? Problem 5.3. Suppose that you enter into a six-month forward contract on a non-dividend-paying stock
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Wilburn Western Civilization II Allison Elledge 2/28/14 What is the Social Contract? How was one to be able to be governed and still remain free men? The Social Contract was an agreement that was part moral and part political obligation that depended on the people to form society. The entire contract explains the aspects to answer this question (Rousseau‚ Jean Jacques. "The Social Contract."). The contract states that there is a way for a person to be part of a society‚ yet still be able
Free Political philosophy Social contract Jean-Jacques Rousseau
DISCHARGE OF A CONTRACT Normally the completion of a contract is straightforward as parties carry out their tasks as required. There are four main different ways of ending a contract: a) Discharge by performance b) Discharge by agreement c) Discharge by breach d) Discharge by frustration DISCHARGE BY PERFORMANCE For this the courts expect performance to be exact and complete. This means that it must match contractual obligations RE MOORE AND LANDAUER (1921) If requiring a contract to be complete
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Voidable contract is a contract that has legal effect and force when it is made‚ but is liable to be subsequently annulled or set aside by the courts through the process of recission. Due to the section 10 of the Contracts Act provides‚ all agreements are contracts if they are made by the free consent of the parties competent to contract. As what i’ve been thought and my understanding‚ there are five causes which lead to the voidable contract. They are : 1. Coercion (S.15) 2. Undue influence (S.16)
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